2/ In this report, Nansen dives into the on-chain data, from Terra to Ethereum, to recreate the history of the de-peg.
Through our work, we refute the narrative that one hostile party led the responsibility for destabilizing $UST.
Through our work, we refute the narrative that one hostile party led the responsibility for destabilizing $UST.
3/ Our researchers have flagged 7 wallets that exploited early vulnerabilities, notably on Curve liquidity pools, and, for some, executed arbitrage trades on centralized exchanges.
4/ We follow the trail of the "Seven" in our report, from:
- Anchor $UST outflows
- To Ethereum via the Wormhole bridge
- To UST-Stablecoin swaps on Curve
- To arbitrage on centralized exchanges
- Anchor $UST outflows
- To Ethereum via the Wormhole bridge
- To UST-Stablecoin swaps on Curve
- To arbitrage on centralized exchanges
5/ While many of these wallets were likely acting independently, collectively, arbitrageurs influenced a liquidity imbalance that ultimately led to the $UST/$LUNA death spiral.
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